A US court has approved Infosys McCamish's proposed $17.5 million settlement in a data breach case

A US court has given final approval to the proposed settlement of class action lawsuits filed against Infosys McCamish Systems, according to a stock exchange filing by Infosys.

Under the settlement terms, Infosys McCamish has agreed to pay $17.5 million to resolve all pending class action lawsuits related to a cybersecurity incident in 2023. The company clarified that this settlement does not involve any admission of wrongdoing.

Infosys said that if the settlement is not challenged within 30 days, it will become effective and fully close the case.

Earlier, in February 2024, Bank of America had identified Infosys McCamish Systems as the source of a data breach that affected 57,028 customers. According to official disclosures, the breach occurred on October 29, 2023, and was discovered the following day.

Infosys stated that the settlement will bring an end to all pending lawsuits and resolve all allegations related to the cybersecurity incident.